v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (116,289) $ (74,173)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 221 260
Non-cash lease expense 601 575
Non-cash interest income on marketable securities (2,494) (3,814)
Stock-based compensation expense, including employee stock purchase plan expense 23,051 9,070
Change in assets and liabilities:    
Prepaid expenses and other current assets 2,672 (1,307)
Other assets and long-term deposits (768) (1,738)
Accounts payable (7,586) (3,566)
Other current liabilities 9,336 1,451
Operating lease liabilities (627) (620)
Net cash used in operating activities (91,883) (73,862)
Cash flows from investing activities:    
Purchase of equipment (221)  
Maturities of marketable securities 163,770 164,869
Purchases of marketable securities (118,179) (175,718)
Net cash provided by (used in) investing activities 45,370 (10,849)
Cash flows from financing activities:    
Issuance of shares under at-the-market offering, net of issuance costs of $25 41,918  
Issuance costs for shares issued under private placement   (6,514)
Proceeds from exercise of stock options 4,241 470
Proceeds from borrowings under Credit Facility   3,000
Proceeds from issuance of common stock under employee stock purchase plan 652 748
Net cash provided by (used in) financing activities 46,811 (2,296)
Net change in cash and cash equivalents 298 (87,007)
Cash and cash equivalents at beginning of period 48,301 139,480
Cash and cash equivalents at end of period 48,599 52,473
Supplemental disclosure of non-cash financing activity    
Exchange of common stock for pre-funded warrants   29,379
Right-of-use asset obtained in exchange for operating lease liabilities $ 55 $ 896